Chip giant Nvidia (NVDA), despite reaching an all-time high for its stock price earlier this week, is still "undervalued" against its Big Tech peers, according to Bank of America analyst Vivek Arya.

BofA's analyst team raised its price target on Nvidia from $165 to $190 per share, Arya citing Nvidia's position at the forefront of the "generational opportunity" that lies ahead. This upward revision comes as Nvidia prepares to release its third quarter earnings results on November 19, 2024.

Yahoo Finance anchor Julie Hyman breaks compares Nvidia's PEG ratio (price/earnings-to-growth) to that of other Magnificent Seven tech names and Broadcom (AVGO) in today's Chart of the Day.

Watch Bank of America's Vivek Arya talk more about his stock call on Nvidia with Yahoo Finance executive editor Brian Sozzi on this morning's Opening Bid.

To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here.

This post was written by Kevin Hall.